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Wall Street slides on China virus fears

Video Credit: Reuters - Politics - Duration: 01:31s - Published < > Embed
Wall Street slides on China virus fears

Wall Street slides on China virus fears

U.S. stocks fell more than 1% on Monday as investors worried about the economic fallout of the fast-spreading coronavirus outbreak in China that has prompted the country to extend the Lunar New Year holidays and businesses to close some operations.

Yahaira Jacquez reports.

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Wall Street slides on China virus fears

Stocks on Wall Street tanked on Monday as fears mount over the coronavirus outbreak in China.

All three indexes plunged more than 1 percent in morning trading as the number of confirmed cases rose in China and the death toll climbed to 81.

While new cases in the U.S. have also emerged.

Every major S&P 500 sector was trading in the red, with tech and energy among the biggest losers.

The market impact - felt around the world - as global shares hit a two week low Monday.

In Asia, Japan's Nikkei saw its biggest one day fall in five months.

And in Europe, stocks fell more than 2 percent.

The outbreak also put pressure on oil prices, which dropped below 60 dollars a barrel for the first time in nearly three months.

Chinese officials say the ability of the coronavirus to spread is getting stronger.

Investors are worried about the impact on travel, tourism and broader economic activity.

The consensus is that in the short term, economic output will be hit as Chinese authorities impose travel restrictions and extend the week-long Lunar New Year holiday.

During the 2002-2003 outbreak of SARS, a coronavirus that originated in China and killed nearly 800 people globally, air passenger demand in Asia plunged 45%.



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